NKN

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is NKN?

NKN (New Kind of Network) is a cryptocurrency that powers a decentralized internet infrastructure. It uses a novel public blockchain and economic incentives to motivate users to share network connectivity and unused bandwidth, aiming to create a more secure, efficient, and open internet. NKN's ecosystem includes features such as decentralized data transmission, secure remote access, and a unique global ID system, all supported by its native utility token.

How is NKN used?

NKN (New Kind of Network) is a digital currency that powers a decentralized network for data transmission. The NKN token serves as the native utility token within the network, facilitating various functions to ensure the smooth operation and growth of the NKN ecosystem. Here are some key ways NKN is used:

  1. Decentralized Data Transmission Network (DDTN): NKN introduces the concept of DDTN, which combines multiple independent and self-organized relay nodes to provide clients with connectivity and data transmission capabilities. This coordination is decentralized and does not require trust among involved parties.

  2. Proof of Relay (PoR) Consensus Mechanism: Unlike traditional Proof of Work (PoW) mechanisms, NKN uses PoR, where miners are rewarded for relaying useful or real-world data over the network. This ensures the efficiency and security of the NKN network.

  3. Native Token Incentives: The NKN token incentivizes users to share their network connections and utilize unused bandwidth, resulting in a more efficient and robust network. Users receive NKN tokens as rewards for contributing to the network.

  1. Developer-Friendly Features: NKN offers tools and products such as nConnect, nMobile, and dataRide, which enhance the user experience and provide resources for developers to build and launch new applications on the network.

  2. Decentralized Communication and IoT Connectivity: NKN can be used for various applications, including decentralized communication, IoT connectivity, and distributed cloud storage, providing a wide range of possibilities for adoption and growth.

Overall, NKN is designed to revolutionize internet connectivity and data transmission by leveraging blockchain technology and decentralized networking principles.

How do I store NKN?

To store NKN tokens, you have several options:

  1. Private Wallets: Use NKN's official web-based token swap tool if you hold tokens in private wallets. This tool allows you to swap your NEP-5 tokens for ERC-20 tokens.

  2. Kriptomat: You can purchase and store NKN tokens on Kriptomat, a platform that provides a secure and simple way to buy and manage cryptocurrencies. Kriptomat supports various payment methods, including credit/debit cards and SEPA bank transfers.

  3. Cold Storage: You can store NKN tokens in cold storage using hardware wallets like Ledger Nano S/X. Since NKN is an ERC-20 token, it can be stored under the Ethereum chain on these devices.

  1. NKN Node Wallet: If you are running a full NKN node, you can use the nknc wallet command to create a wallet. This wallet should be unique for each node to ensure proper network functionality.

  2. Exchanges: You can also store your NKN tokens on exchanges that support the token, such as those that allow swapping between NKN Mainnet and NKN ERC-20 tokens.

How to buy NKN?

To buy NKN (NKN) tokens, follow these steps:

  1. Create an Account:

    • On Binance, create a free account on their website or app.
    • On Kriptomat, sign up with Google, Apple, or enter your name and email, then verify your email, phone number, and identity.
    • On KuCoin, sign up with your email address, mobile phone number, and country of residence, and create a strong password.
    • On MEXC, create an account and navigate to the "Buy Crypto" link.
  2. Verify and Secure Your Account:

    • On Kriptomat, verify your email, phone number, and identity to unlock the full potential of the platform.
    • On KuCoin, set up Google 2FA, anti-phishing code, and trading password for stronger protection, and verify your identity by entering personal information and uploading a valid Photo ID.
  3. Add Funds:

  • On Kriptomat, make a bank deposit or use your credit card to add funds.
  • On KuCoin, add a credit/debit card or bank account after verifying your account.
  1. Buy NKN:
    • On Kriptomat, click on the Kriptomat icon, select "Buy," choose NKN from the list, enter the amount, preview the transaction, and confirm your purchase.
    • On KuCoin, use a variety of payment options to buy NKN, including crypto on the KuCoin Spot Market or through other payment methods like PayPal.
    • On MEXC, navigate to the "Buy Crypto" link and follow the instructions to purchase NKN.

These steps will guide you through the process of buying NKN tokens on various platforms.

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History of NKN

NKN, or New Kind of Network, is a blockchain-based network infrastructure that focuses on decentralizing internet connectivity and data transmission. The project was founded in January 2018 by Yanbo Li, Yilun Zhang, and Zheng Li, who previously worked at big tech companies like Google, Nokia, and Qualcomm. They were inspired by Stephen Wolfram’s book “A New Kind of Science” and aimed to decentralize the delivery of digital content.

The NKN token was released in an initial coin offering (ICO) in April 2018, with an initial supply of 1 billion NKN. Thirty-five percent of the tokens were made available during the launch, and the remaining tokens were reserved for the NKN Foundation, the founding team, community developers, and mining rewards.

NKN reached its all-time high of $1.48 in April 2021 after being listed on the Binance exchange, which also offered a 30% annual percentage yield (APY) for staking NKN tokens. The token hit its all-time low of $0.006411 in March 2020, coinciding with a significant drop in the crypto market.

Since its inception, NKN has secured several partnerships, including one with China Mobile to work on projects ahead of the launch of 5G and another with video-streaming platform iQiyi to boost speed and reduce energy consumption. Today, NKN powers several projects using its decentralized network technology, such as nMobile, nConnect, and dataRide, which provide various services like decentralized messaging, remote access, and data transmission.

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How NKN works

NKN (New Kind of Network) is a blockchain-based network connectivity protocol designed to improve internet connectivity and speed using a decentralized data relay system. Here's how it works:

Consensus Mechanism

NKN uses the Proof of Relay (PoR) consensus mechanism, which incentivizes users to share their network connections and utilize unused bandwidth. This mechanism rewards nodes for relaying useful data over the network, ensuring the efficiency and security of the NKN network.

Decentralized Data Transmission Network

NKN introduces the concept of a Decentralized Data Transmission Network (DDTN), which combines multiple independent and self-organized relay nodes to provide clients with connectivity and data transmission capabilities. This coordination is decentralized and does not require trust among involved parties. The secure operation of NKN is achieved through a consensus mechanism that coordinates and validates the operations performed by each node.

Network Infrastructure

NKN's novel MOCA consensus algorithm is horizontally scalable and supports an arbitrary number of consensus nodes. The mainnet can support millions of full consensus nodes, more than Bitcoin and Ethereum. Nodes and clients can utilize the aggregated speed of several routes, allowing the network to scale throughput horizontally by adding more NKN nodes.

Security and Privacy

NKN offers end-to-end and hop-by-hop encryption without Public Key Infrastructure or third-party certificates, ensuring extra security and privacy. Data is stored only locally on the user's device, guaranteeing the best protection of privacy and security.

Applications and Tools

NKN provides various tools and products, such as nMobile, nConnect, and dataRide, which enhance the user experience and offer solutions for decentralized communication, IoT connectivity, and distributed cloud storage. The open nature of NKN allows developers to build and launch new applications on the network, creating a wide range of possibilities for adoption and growth.

Token and Incentives

The NKN token serves as the native utility token of the platform and is used for various purposes within the network. Users can earn NKN tokens by sharing their network connections and utilizing unused bandwidth. Developers can also build and launch applications on the NKN network, providing new opportunities to earn money with NKN.

Future Potential

NKN has the potential to revolutionize internet connectivity and data transmission by creating a more efficient, decentralized, and secure network. Its applications can expand to various domains, including social networking, IoT, and distributed cloud storage, making it a significant player in the development of Web 3.0 connectivity.

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NKN's strengths

The token NKN (NKN) has several strengths that make it a promising cryptocurrency project:

  1. Decentralized Data Transmission Network: NKN is a blockchain-based network connectivity protocol that aims to improve internet connectivity and speed using a decentralized data relay system. This approach ensures that data transmission is secure, efficient, and scalable, making it a significant improvement over traditional centralized systems.

  2. Innovative Consensus Mechanism: NKN uses a novel consensus algorithm called Proof of Relay (PoR), which incentivizes nodes to contribute to the network by sharing their bandwidth and securing the network. This mechanism ensures that the network is highly scalable and can support millions of nodes, making it more robust and secure.

  3. Tokenomics and Governance: The tokenomics of NKN were established during its ICO phase, with a total supply of 1 billion tokens. The token has a multifaceted utility, facilitating several critical functions within the ecosystem, including governance capabilities. This positions NKN as a cornerstone of the network’s aim to revolutionize internet connectivity and data transmission.

  1. Strong Community Support: NKN has gained significant momentum since its ICO in 2018, with prominent advisors like Whitfield Diffie and Stephen Wolfram joining the project. The network has also partnered with industry giants like China Mobile and iQiyi, marking significant strides towards building a more open and decentralized internet.

  2. Scalability and Performance: NKN’s novel MOCA consensus algorithm is horizontally scalable and supports an arbitrary number of consensus nodes. The network can support millions of full consensus nodes, more than Bitcoin and Ethereum. Additionally, nodes and clients can utilize the aggregated speed of several routes, horizontally scaling throughput for the entire network.

  3. Security and Privacy: NKN offers end-to-end and hop-by-hop encryption without Public Key Infrastructure or 3rd party certificates, ensuring extra security and privacy for users. The network is also fully peer-to-peer and decentralized, removing the single point of failure and centralized targets for attacks or hacking.

  1. Low Latency and Real-Time Applications: NKN supports all application types, including real-time 3D gaming, AR/VR, and IoT, as well as edge computing and optimized routing. This makes it suitable for a wide range of applications that require low latency and high-speed data transmission.

  2. Easy Integration and Adoption: NKN provides an SDK available in multiple languages, making it easy for developers to integrate the technology into their own software. The active community and available resources also facilitate adoption and growth.

These strengths collectively position NKN as a groundbreaking blockchain solution that has the potential to revolutionize internet connectivity and data transmission, making it a promising investment opportunity.

NKN's risks

NKN (NKN) is a cryptocurrency that carries various financial risks. These risks include market risk, liquidity risk, and investment risk. Market risk arises from potential changes in the value of NKN due to market fluctuations. Liquidity risk involves the possibility that NKN cannot be easily sold or exchanged at a favorable price. Investment risk is associated with the uncertainty of returns on investment in NKN, which can be influenced by factors such as market volatility and regulatory changes.

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NKN’s team

  • Yanbo Li: Co-Founder of NKN, involved in building the largest blockchain for sharing internet connectivity.
  • Zheng "Bruce" Li: Co-Founder and Co-CEO of NKN, overseeing strategy and business development, with extensive experience in mobile wireless and software innovation.
  • Yilun Zhang: Co-Founder, Core Researcher, and Developer of NKN, with a Ph.D. in physics and expertise in distributed information processing systems and full-stack engineering.

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